Please confirm me the date of applicability of the new rates of Excise Duty of 12% & Service Tax of 12%.
Would it become applicable from midnight today or from 1st April, 2012 i.e. the day on which the Finance Act would be deemed to have come into force.?
effective from 17-03-2012 00.01 hrs.(midnight)
Since changes relating to excise are notified under Provision for collection of taxes act, new rate of Excise duty comes from the very next day of presenting the bill i.e., from 17.03.2012 (early hours).
Service tax rate is effective from 01.04.2012 vide notification no. 2/2012.
Subrahmanyam & Sivudu CA Firm
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